When the Treasury Is Full but Token Holders Are Bleeding: A Proposal to Return the 3% Fee

1

In GMX V2, the share of fees allocated to GMX token holders was reduced from 30% to 27%, with the remaining 3% redirected to the DAO.

After more than two years of operation, the DAO-controlled treasury has accumulated approximately 35 million USD. Meanwhile, GMX’s market capitalization is currently only around 70 to 80 million USD and continues to decline.

Sustaining GMX’s long-term value requires that fee distribution remains aligned with those who bear the primary economic risk of the protocol. At present, the treasury is already sufficiently funded, while GMX token holders have absorbed prolonged downside with diminishing participation in protocol revenues.

Under these conditions, the current fee allocation structure no longer appears optimal for long-term value alignment. Therefore, I propose that starting in 2026, this 3% fee allocation be reassigned back to GMX token holders.

Thank you.

2

I am not sure what 3% is going to solve, it’s even higher on MegaETH as well, as it’s 5% there.

I don’t think it makes sense to do this, sorry.

In the future after JIT is live, we can hopefully move some of the % fee structure from LPs to GMX.

3

MegaETH doesn’t matter because it has a very small chance to succeed.

I think we shouldn’t move the % fee from LPs, we need them absolutely right now.

But our treasury is quite large now.

4

Isn’t the DAO, in the end of the day, also owned by the GMX stakers?